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FORM 13F INFORMATION TABLE
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Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
VALUE SHRS or SH/ PUT/ INVESTMENT OTHER Voting Authority
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE Shared None
AMR Corp com 001765106 $14 250 SH Sole 250
Alliance Capital Mgmt. Ltd. Partnership com 018548107 $274 "10,000" SH Sole "10,000"
Allstate Corp com 020002101 $174 "6,972" SH Sole "6,972"
Amerisource Health com 03071P102 "$6,579" "277,760" SH Sole "277,760"
American Pwr Conversion Com com 029066107 "$3,688" "194,100" SH Sole "194,100"
Block H&R Inc. com 093671105 "$7,418" "170,775" SH Sole "170,775"
Bridgehampton National Bank com N/A "$1,209" "52,572" SH Sole "52,572"
Bristol Myers com 110122108 $82 "1,221" SH Sole "1,221"
CVS Corporation Delaware com 126650100 "$7,805" "191,250" SH Sole "191,250"
Dayton Hudson Corp com 239753106 "$6,985" "116,300" SH Sole "116,300"
Digital Recorders com 253869101 $15 "8,000" SH Sole "8,000"
Donaldson Lufkin & Jenrette Inc. com 257661108 "$4,206" "106,310" SH Sole "106,310"
Donaldson Lufkin&Jen NW DLJDIRECT com 257661504 $4 250 SH Sole 250
Emerson Electric com 291011104 "$3,042" "48,150" SH Sole "48,150"
Gannett Inc. com 364730101 "$7,839" "113,300" SH Sole "113,300"
"Gap, Inc." com 364760108 "$3,914" "122,321" SH Sole "122,321"
General Electric com 369604103 "$4,143" "34,940" SH Sole "34,940"
Grainger (WW) Inc. com 384802104 "$5,897" "122,700" SH Sole "122,700"
Hastings Entmt Inc com 418365102 $585 "67,800" SH Sole "67,800"
Health Care Reit Inc. com 42217K106 $14 700 SH Sole 700
Hewlett Packard com 428236103 "$8,812" "97,100" SH Sole "97,100"
Highwoods Properties com 431284108 "$1,950" "75,350" SH Sole "75,350"
Illinois Tool Wks Inc. com 452308109 "$8,343" "111,890" SH Sole "111,890"
Intel Corp. com 458140100 "$5,529" "74,400" SH Sole "74,400"
Johnson & Johnson com 478160104 "$2,968" "32,300" SH Sole "32,300"
KeyCorp com 493267108 $77 "2,996" SH Sole "2,996"
"Knight Ridder, Inc" com 499040103 "$9,950" "180,900" SH Sole "180,900"
Merck & Co. com 589331107 $29 450 SH Sole 450
Mobil Corp com 607059102 $81 800 SH Sole 800
"Morgan Stanley, Dean Witter & Co." com 617446448 "$4,820" "54,045" SH Sole "54,045"
Pfizer Inc. com 717081103 "$6,838" "190,605" SH Sole "190,605"
Schering-Plough com 806605101 "$3,451" "79,100" SH Sole "79,100"
Sealed Air Corp. com 81211K100 "$3,858" "75,174" SH Sole "75,174"
Sears Roebuck & Co. com 812387108 $119 "3,800" SH Sole "3,800"
Spdr Tr Unit Ser 1 com 78462F103 "$3,824" "29,700" SH Sole "29,700"
Tanger Factory Outlet Ctrs Inc. com 875465106 $497 "21,800" SH Sole "21,800"
Tennant Co. com 880345103 $122 "3,600" SH Sole "3,600"
Vodafone Airtouch PLC Sponsored ADR com 92857T107 "$7,205" "30,306" SH Sole "30,306"
Wachovia Corp. com 929771103 $16 200 SH Sole 200
Wal-Mart Stores com 931142103 "$6,027" "126,710" SH Sole "126,710"
Walgreen Co. com 931422109 "$5,386" "212,260" SH Sole "212,260"
Xerox Corp. com 984121103 "$6,685" "159,400" SH Sole "159,400"
Sealed Air Corp New pfd 81211K209 $30 600 SH Sole 600
TOTAL "$150,504"
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